Colorado-Real-Estate-Journal_510990

Page 22 - February 18-March 3, 2026 www.crej.com Retail by Avalon Jacka CENTENNIAL – A family real estate office purchased a 127,000- square-foot assemblage of select retail parcels in a redeveloped outdoor shopping center, for $28.08 million as part of a 1031 exchange. Southglenn Mall LLC acquired the parcels at The Streets at South- Glenn, situated on the southwest corner of South University Bou- levard and East Arapahoe Road, from Southglenn Property Hold- ings LLC in January, according to Arapahoe County public records. The buyer entity’s New Mexico address listed on the deed is affili- ated with The Luzzatto Company Inc., and the seller’s address is affiliated with Greenwood Vil- lage-based Alberta Development Partners LLC. Blue West Capital’s Tom Ethington, Robert Edwards and Noah Harrison represented the seller in the transaction, which consisted of stabilized retail assets, including a Whole Foods Market condo property, a Sepho- ra condo property, an Old Navy- anchored Block 4 property, and a high-value stabilized portion of the Block 5 property. “The Streets at SouthGlenn has demonstrated long-term stay- ing power as a retail destination within the south Denver metro,” Ethington said. “Anchored by Whole Foods Market and supported by consistent traf- fic, the portfolio offers durable income today with additional long-term upside driven by sur- rounding density and planned residential growth.” The Block 4 property features a 57,421-sf retail center. The tenant roster includes Old Navy, Kirk- land’s Home Decor, Snöbahn, Heaven Creamery, Indulge Bistro & Wine Bar, Home Team Deli, Bloom Dental, T is for Table, My Music Skool, Tacos & Tequila, and Woodhouse Day Spa. The Whole Foods Market mea- sures 52,193 sf. The grocery store operates on a double-net lease backed by a corporate guarantee with minimal landlord responsi- bilities. The Block 5 asset includes an 11,778-sf open-air center with a weighted average lease term of five or more years. The tenant ros- ter includes Snooze A.M. Eatery, Corner Bakery Café, Floyd’s Bar- bershop and Huckleberry Roast- ers. More than 85% of the par- cel’s rent roll has operated at The Streets at SouthGlenn for 15 years or more. The 5,681-sf Sephora retail space features a gross lease backed by a corporate guarantee, offering the potential for future expense sav- ings. The lease includes percent- age rent tied to store sales, creating a built-in hedge against inflation. “There’s still individual private capital and institutional capital interested in retail, but more so in services,” Ethington said. “When you see stuff like Whole Foods and Woodhouse Spas, and nails, food and coffee, all the service- oriented aspects to retail are still alive and well. The parking lots are full to over 4 million visitors per year. It just proves that retail is here to stay.” Formerly home to Southglenn Mall, the Streets at SouthGlenn was redeveloped into a mixed-use destination with more than 1 mil- lion sf of retail, as well as office and residential spaces. Alberta Devel- opment Partners led the redevel- opment, with construction taking place between 2007 and 2008. The seller had reached the end of its hold period and value-add phase for the parcels and was looking to move on to its next business strategy and take on new projects, Ethington said. The Streets at SouthGlenn ben- efits from proximity to major busi- ness hubs and affluent communi- ties within 6 miles, including the Denver Tech Center, Highlands Ranch, Cherry Hills Village and Greenwood Village. The new SouthGlenn Master Development Plan outlines pending residential developments that will increase the number of approved residen- tial units in the community from 350 to 1,125; raise the maximum building height for the Sears and Macy’s parcels from 50 to 75 feet; and add 25,000 sf of open space. The Luzzatto Company Inc. is a family office that invests in real estate and real estate-related debt. Its national portfolio includes retail, office, multifamily, industri- al, and film and television studio properties. The company has offic- es in Denver; Los Angeles; Austin, Texas; and Taos, New Mexico. The firm is active in the Colorado mar- ket, acquiring several distressed office towers in downtown Den- ver in the past year. s Multiparcel deal at Streets of SouthGlenn closes for $28M by Avalon Jacka LOVELAND – A retail building and liquor store off U.S. Highway 34 sold in an off-market transac- tion in December. Sunshine Creek RE LLC acquired the business and real estate of Liquor Max Warehouse, located at 1497 E. Eisenhower Blvd., from 1497 E Eisenhower LLC for $5.3 million, according to Larimer County public records. Built in 2003, the 17,220-square- foot building features a double drive-thru. Levi Saxen and Jack Eberwein of Pinnacle Real Estate Advisors LLC brokered the transaction on behalf of both the buyer and seller, who is retiring. The Saxen Team was in touch with the seller for a few months prior to the sale to plan the owner’s exit from the business and knew a group that operates liquor stores in the South- west and was looking to expand into the Denver metro area. “They have some liquor stores in New Mexico, Arizona and very far Southwest Colorado, but they wanted to be more in Denver metro, in a sense,” Eberwein said. “So, we approached them, and they instantly fell in love with the store.” The deal closed in less than 45 days with Small Business Admin- istration financing for the busi- ness and owner-carried financing for the real estate, Eberwein said. The seller worked with the buy- ers during the transition to train them in its processes so the buy- ers could step in and operate the store in the same way, Eberwein said. The same week as the Liquor Max deal, Saxen and Eberwein facilitated the sale of the business of Durango Liquor & Wine Co. in Durango. The store is situated in a 4,500-sf building at 11456 S. Camino Del Rio. The seller was also looking to retire after more than a decade in business. The Saxen Team represented both the buyer and seller in the deal. “The new owners, who are expanding their existing liquor store portfolio, are well positioned for long-term success as they take the reins of a well-established and respected liquor store,” a state- ment from the team said. s Liquor Max Warehouse business and real estate sell for $5M by Avalon Jacka MORRISON – An historic restaurant in the foothills sold for the first time since its con- struction in the 1960s. A joint venture of City Street Investors and Revesco Proper- ties acquired The Fort, situated on 8 acres at 19192 state High- way 8, from HAK Holdings LLC, an entity affiliated with Holly Arnold Kinney. Kinney is the daughter of Sam and Elizabeth Arnold, the original owner-operators, and retired from operating the restaurant following the sale. “We’re honored that Holly chose us as the buyer group, because it was paramount to her in the transaction that she picked a group that appreciated the history of The Fort, respect- ed it and wanted to carry on the family’s tradition and their vision,” said Revesco CEO and Manag- ing Partner Rhys Duggan. “The fact that she trusted us with that, we don’t take that lightly.” The sale of The Fort’s real estate and business closed at $4.5 million in January, with the property comprising $3.13 million of the total. Collegiate Peaks Bank provided debt financing for the transaction. The transaction marks the first joint venture partner- ship between the buyers, both based in Denver. The joint ven- ture will also acquire an adja- cent 50-acre land parcel from the seller. That deal is subject to a longer contractual closing period, which was ongoing at the time of publication. “This was an interesting deal because it involved a big parcel of land and an historic restau- rant,” said City Street Investors co-founder and principal Joe Vostrejs. “A restaurant pur- chaser might have wanted the restaurant but not to make a big investment in a parcel of land, and a land person might not have wanted to take on the responsibility of owning and operating a 63-year-old restau- rant. This was a deal where the two of us were able to come together with our complemen- tary skill sets and take this on.” City Street Investors has real estate and restaurant devel- opment experience, while Revesco has a lot of value-add, land and ground-up develop- ment skills and competency, Vostrejs said. Duggan called Vostrejs immediately when the deal came to him through the seller’s broker, Cushman & Wa k e f i e l d ’s Mike Kboudi. “Mike called me up – Mike and I have done this 20-something years – and said, ‘Hey, Rhys, you like weird, I’ve got a weird City Street Investors, Revesco Properties purchase The Fort Totaling 127,000 square feet, the four parcels at The Streets at SouthGlenn sold for $28.08 million. Tom Ethington Robert Edwards Noah Harrison Built in 2003, the 17,220-square-foot Liquor Max Warehouse features a double drive-thru. Please see The Fort, Page 42 Rhys Duggan Joe Vostrejs Mike Kboudi